By Lewis Krauskopf

NEW YORK, Oct 1 (Reuters) – A massive year for corporate profit growth is driving US stock market gains, but investors’ hesitancy that the good times will roll on without a hitch is seeping into equity valuations.

Investors are preparing for another robust period of earnings as companies begin reporting third-quarter results in the coming weeks, with full-year earnings ‌from S&P 500 companies now expected to rise a whopping 35%. That jump would mark the highest rate since 2021, which was skewed by the post-pandemic economic rebound.

Such torrid growth has ‌lifted the S&P 500 about 12% this year, overcoming risks including rising interest rates, the US Federal Reserve’s…